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Crude oil retraces its plunge following the report of OBL's death and is now green on the day, a...

Crude oil retraces its plunge following the report of OBL's death and is now green on the day, a reversal of more than $3/barrel. No one doubts the significance of the news on Bin Laden, but who actually sold oil because of it? USO +0.4%, BNO +0.2%.
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Comments (4)
  • youngman442002
    , contributor
    Comments (5129) | Send Message
    There is a big orchestrated raid going on in all commodities today...PM´s especially...nothing has changed in the fact its worse....
    2 May 2011, 10:03 AM Reply Like
    , contributor
    Comments (10484) | Send Message
    I don't think oil is moved by OBL so much as a constantly debasing dollar, destined for total demise and default....thanks to the weak, power hungry politicians who will sell their soul for a cheap mortgage.
    2 May 2011, 10:04 AM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
    Someting wong... Distraction.. PM's obviously like it. Any bets silver recovers it's losses by tomorrow?
    2 May 2011, 10:16 AM Reply Like
  • Luckydad
    , contributor
    Comments (79) | Send Message
    Consumers are becoming more aware of LNG and producers are becoming more aware of that awareness. Companies like Cheniere (LNG) is set up to benefit from this. It is a good and timely cycle - the US, and the world, are tired of the Mideast conflicts and the association with oil, the stigma, the dependence, the effect on our daily lives.


    The only way to remove the correlation (the supposed underlying reason why we invade this country or that country) is to change the what we use to generate propulsion - whether in an automobile, an electric-motor-generator, or even the lawnmower. In theory, if it ways made to burn the crude it can made to burn the natural gas.


    Could this result in a true "win - win" for all. We could help environment, improve our economy (by selling an abundant US natural resource) and without the oil dependancy, many blame the conflicts on, possibly peace in the middle east.


    Of course we have those in the petroleum industry that would argue for more drilling in the US to relieve us of the correlation. But that would only delay the inevitable and would do nothing in improving the environment.


    I am not against more drilling, and in fact thick we should. After all, a US resource is a resource the US should use. I am simply apposed to burning it.


    Let's look at all of the other uses for petroleum! Think of the word PLASTICS is the broadest spectrum (plastic, nylon, rubber, vinyl, etc.). The uses would even increase once the cost was driven down due to the demand shift.


    With the costs lowered and development increased, think of the potential plastics would have in replacing many of the items made of metal or wood today. The petroleum industry will live, they will just have to adapt like the rest of us are expected to do.


    Quit letting them hold us hostage - Burn the natural gas (NG) and let oil become something we use and recycle, use and recycle, use and.........
    3 May 2011, 10:09 AM Reply Like
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